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European Economics Preview: SNB Rate Decision Due
The interest rate decision from the Swiss National Bank, Purchasing Managers' survey results from Eurozone and retail sales from the U.K. are due on Thursday, headlining a hectic day for the European economic news.
At 3.00 am ET, Markit Economics is set to publish French flash purchasing managers' survey results. The manufacturing PMI is forecast to fall to 47 and the services PMI to 49 in December.
In the meantime, Turkey's unemployment and Czech producer prices are due. Economists forecast the jobless rate to rise to 9.5 percent in September. At the same time, Czech producer price inflation is expected to ease to 5.2 percent in November from 5.6 percent in October.
The Federal Statistical Office is slated to release Swiss industrial output for the third quarter at 3.15 am ET. Economists forecast industrial production to drop 0.9 percent sequentially after rising 3.6 percent in the prior quarter.
The Swiss National Bank is set to announce its interest rate decision at 3.30 am ET. The SNB is expected to maintain its three-month Libor at zero.
Germany's flash PMI is also due at 3.30 am ET. The manufacturing PMI is seen at 47.5 and the services PMI at 50 in December.
Half an hour later, Eurozone flash PMI is due. The composite PMI is forecast to ease to 46.5 in December from 47 a month ago. In the meantime, the European Central Bank is set to publish monthly bulletin.
At 4.30 am ET, the Office for National Statistics is scheduled to issue U.K. retail sales. Retail sales are forecast to fall 0.3 percent month-on-month after rising 0.6 percent in October.
Eurozone final inflation and employment reports are due at 5.00 am ET. Eurozone inflation is seen at 3 percent in November, unchanged from flash estimate.
The Confederation of British Industry is scheduled to release Industrial Trends survey results at 6.00 am ET. The total order book balance is forecast to fall to -20 from -19 in November.

U.S. Industrial Production Unexpectedly Drops In November
After reporting a bigger than expected increase in industrial production for the month of October, the Federal Reserve released a report on Thursday showing an unexpected drop in production in November. The unexpected decrease was partly due to a pullback in factory output.
The report showed that industrial production edged down by 0.2 percent in November following an unrevised 0.7 percent increase in October. The drop came as a surprise to economists, who had expected production to increase by 0.2 percent.

German GfK Consumer Sentiment To Stay Stable
German consumer confidence is set to remain stable in January, survey data from the market research group GfK revealed Tuesday.
The forward-looking consumer confidence index is seen at 5.6 points, the same reading as seen in December. Consequently the consumer climate is holding steady heading into 2012, the GfK said. The reading was expected to fall to 5.5 points.
The economic expectations index for December rose more than 6 points to -0.9. At the same time, the income expectations indicator increased by 2.9 points to 34.
But willingness to buy did not benefit from the improvement in economic and income expectations in December. The indicator registered a marked decline of 12.9 points to reach 27.4.

European Economics Preview: U.K. GDP Data Due
The revised quarterly national accounts from the U.K. is the major statistical report due on Thursday, headlining a light day for the European economic news.
At 3.00 am ET, Hungary's retail sales data is due. Economists forecast sales to drop 0.2 percent annually in October, reversing a 0.3 percent rise in September.
Half an hour later, Statistics Netherlands is scheduled to issue Dutch consumer spending and final GDP figures. After falling 2 percent on a yearly basis in September, consumer spending is expected to drop 1.8 percent in October. The statistical office is also set to confirm 0.3 percent sequential fall in the third quarter GDP.
In the meantime, Sweden's producer prices are due. Producer price annual inflation is seen at 0.1 percent in November, slower than the 0.3 percent growth in October.
At 4.00 am ET, Italy's statistical office Istat is set to issue retail sales for October. Retail sales are forecast to ease 0.2 percent month-on-month after falling 0.4 percent in September. Norway's NAV jobless rate is also due.
The Office for National Statistics is scheduled to issue U.K. GDP for the third quarter. According to the prior estimate, the economy had expanded 0.5 percent quarter-on-quarter. The statistical office is expected to confirm the initial estimate.
Turkey's central bank is set to announce interest rate decision at 7.00 am ET. Economists expect the central bank to retain its key rate at 5.75 percent.

European Economics Preview: French Final GDP Data Due
The final gross domestic product from France and mortgage approvals from the U.K. are the major reports due on Friday, headlining a light day for the European economic news.
At 1.30 am ET, the French statistical office Insee is scheduled to issue GDP data for the third quarter. The Insee is expected to confirm 0.4 percent sequential growth.
French producer prices are due at 2.45 am ET. Economists forecast producer price inflation to slow to 5.2 percent in November from 5.8 percent in October.
At 3.00 am ET, Spain's producer prices and Hungary's final trade balance figures are due.
Italy's statistical office Istat is scheduled to issue hourly wages for November at 4.00 am ET. Hourly wages had increased 1.7 percent annually in October.
U.K.'s mortgage approvals is due from the British Bankers' Association at 4.30 am ET. The number of mortgage approvals is seen at 35,400, compared to 35,295 in October. The index of services for the U.K. is also due at the same time.
Italy's statistical office is slated to publish consumer confidence at 5.00 am ET. Economists forecast sentiment to fall to 95.5 in December from 96.5 in November.

Euro Down Ahead Of ECB Meeting, Bond Auctions
The euro was relatively weaker against its US counterpart before Wednesday's London session as caution prevailed ahead of tomorrow's closely watched European Central Bank decision and the upcoming bond auctions from a few major eurozone economies.
The euro slipped to a 2-day low of 1.2730 against the dollar in the Asian session, erasing much of yesterday's gains that piled up after rating agency Fitch assured that France's AAA rating would remain intact for 2012.
Market participants are also looking ahead at the bond market, with Germany auctioning EUR 4 billion of five-year notes today, Spain bidding EUR 5 billion of bonds maturing 2015 and 2016 tomorrow and Italy selling EUR 12 billion of bills. The ECB is widely expected to keep its benchmark interest rate at 1 percent.
The euro depreciated almost 0.7 percent against the dollar from yesterday's 5-day high of 1.2819. The EUR/USD pair may re-test Monday's fresh 16-month low of 1.2667, given its fundamental weakness despite trading in oversold territory. The pair closed yesterday's deals at 1.2779.
Copyright(c) 2012 RTTNews.com. All Rights Reserved

European Economics Preview: Eurozone Trade, UK Output Price Data Due
Foreign trade data from Eurozone and output price figures from the UK and are the major news due from Europe on Friday.
At 2 am ET, CPI figures from Finland is expected. Economists forecast the index to rise 3.1 percent year-on-year in December.
At 3 am ET, Spanish statistical office Ine is expected release the inflation data for the month of December. Economists forecast the rate to stay unchanged at 2.4 percent. Inflation and industrial output data from Hungary is also due to 3 am ET.
Dutch industrial production and foreign trade are expected at 3.30 am ET, while the Czech central bank is scheduled to release the current account data for the month of November at 4 am ET.
At 4.30 am ET, the UK's Office for National Statistics is slated to publish the output price figures for the month of December. Output costs are forecast to rise 5 percent year-on-year in December.
Eurozone trade balance is due at 5 am ET. The seasonally adjusted trade balance is forecast to post a surplus of EUR 0.5 billion. Polish inflation and current account figures are expected at 8 am ET.
Copyright(c) 2012 RTTNews.com. All Rights Reserved

European Economics Preview: German Wholesale Price Data Due
No major economic reports are due at the start of the week except a debt auction from France, headlining a light day for the European economic news.
Germany's wholesale price figures for December are due at 2.00 am ET. Wholesale prices are expected to rise 3.7 percent annually after increasing 4.9 percent in November. On a monthly basis, wholesale price growth is seen at 0.2 percent.
At 3.00 am ET, Turkey's unemployment and consumer confidence figures are due. In the meantime, Czech producer prices are also due. Economists see producer price inflation to slow to 4.7 percent in December from 5.6 percent in November.
At 3.15 am ET, the Federal Statistical Office is scheduled to issue Swiss producer and import prices for December. Economists forecast producer and import prices to fall 0.1 percent month-on-month after easing 0.8 percent in November.
Italy's statistical office Istat is set to publish final consumer price figures for December at 4.00 am ET. According to preliminary estimate, EU harmonized inflation held steady at 3.7 percent.
Norway's trade balance for December is due at 4.00 am ET. The trade balance showed a surplus of NOK 35.5 billion in November.
France is set to conduct a debt auction today, the first sale after the ratings agency Standard & Poor's downgraded the country's ratings along with eight other Eurozone nations on Friday. The French government aims to raise as much as EUR 8.7 billion today. S&P lowered France's long-term sovereign credit ratings to 'AA+' from 'AAA'.
The U.S. markets are closed for the Martin Luther King, Jr. day holiday.
Copyright(c) 2012 RTTNews.com. All Rights Reserved

ECB's Draghi Says Europe In "Grave" Situation
European Central Bank President Mario Draghi on Monday warned that Europe is in a "very grave state of affairs" and called on the governments to swiftly implement the recommendations by European Systemic Risk Board (ESRB) on macro-prudential mandates. Draghi, speaking in his capacity as the chair of the ESRB, said central banks' swap lines have helped to comfort market participants and reduced tensions. However, "their existence might also imply a moral hazard risk, hindering EU banks from adopting a more robust funding structure."
The ESRB has published recommendations on macro-prudential mandates for national authorities. Draghi said the member states should implement these recommendations before July 1, 2013 and communicate by June 2012 their intentions with respect to implementation and on developments to date.
The authorities need to restore confidence in sovereigns and ensure that EU firewalls are operational and well equipped with an effective and flexible mandate, he said, adding that they should also have clarification about the robustness of the EU financial system.
Copyright(c) 2012 RTTNews.com. All Rights Reserved